A quarter of retirees don't believe their lives are better now that they are retired, according to a poll by NPR, the Robert Wood Johnson Foundation and the Harvard School of Public Health.
The poll looked at retirement views and experiences for people over age 50 who have retired, those who plan to and those who do not plan to do so. What they found is that people who haven't retired yet may have an idealized view of what retirement will be like, the report said.
"Those of us over 50 and working are optimistic about our future health and health care, but that optimism is not necessarily shared by those who have already retired," said Risa Lavizzo-Mourey, president and CEO of the Robert Wood Johnson Foundation. "Many people who have already retired say their health is worse, and they worry about costs of medical treatment and long-term care. Insights from the poll can help policy makers and others think about how to meet the needs of aging Americans. There are changes we can make to our health care system, finances and communities that might help ensure that our retirement years will be as fulfilling as we hope."
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The study found that 44 percent of retirees believe their life in retirement is the same as it was before they retired. About 29 percent felt it was better than during the five years prior to their retirement. Many say they are less stressed, have better relationships with their families, are eating better and are spending more time doing the things they love to do. Twenty-five percent say their life is worse.
"The poll shows that a significant number of people who are near retirement may be underestimating the challenges of retirement," said Robert Blendon, professor of Health Policy and Political Analysis at the Harvard School of Public Health. "When you compare what people think retirement will be like with what retirees say it actually is like, there are big differences. Pre-retirees may underestimate the degree to which their health and finances may be worse in retirement."
Views on Health
The poll showed that 14 percent of pre-retirees predict that life will be worse when they retire, compared to the 25 percent of retirees who say it actually is worse, the report said. Only 13 percent of pre-retirees thought their health would be worse, while 39 percent of retirees say it actually is. Less than a quarter of pre-retirees, 22 percent, predict their financial situation will be worse, while a third of retirees, 35 percent, said it actually is.
The poll also found that three out of 10 retirees and pre-retirees expect to live into their 90s or beyond. A high percentage of both groups believe they are healthy, have maintained good relationships with their families, watched their weight and seen a doctor regularly.
Views on Medicare/Medicaid
Pre-retirees and retirees differ in their views on the future of Medicare, but neither wants a complete overhaul or major change to the program. Pre-retirees are less confident that Medicare will provide benefits of at least equal value to current benefits than retirees. About one in three pre-retirees and retirees say that waiting two more years to receive Medicare benefits would be—or would have been—a major problem for them and their family. More pre-retirees than retirees want major changes in the Medicare program
Finances in Retirement
Pre-retirees underestimate how much worse their finances will be in retirement. Just 22 percent of pre-retirees say their financial situation will be worse in retirement, but 35 percent of people who are already retired say it is worse.
Many retirees and pre-retirees think they don't or won't have the income needed to live comfortably in retirement. About one in four pre-retirees and one in three retirees say they won't have the annual income they need to live comfortably in retirement.
Interviews for this poll were conducted via telephone July 25 to August 18, 2011, among a nationally representative sample of 1,254 adults over 50. It includes 755 retirees and 409 pre-retirees (those over age 50 who have not retired but plan to). The margin of error for total respondents is plus or minus 3.32 percent.
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